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WHAT IS MARKETING?
Chapter 1
SESSION OVERVIEW
This session will: Provide a definition of marketing Develop an appreciation of the importance of marketing to private and public sector organisations Introduce core marketing concepts
MARKETING DEFINED
"The management process which identifies, anticipates and supplies customer requirements efficiently and profitably" - Chartered Institute of Marketing Focus is on customers. Profits result from meeting customers needs effectively and efficiently
VALUE IS CRUCIAL
Value can be complex Must understand buyers definition of value Fashion for pre-worn look of new jeans: should these have higher or lower value?
Post-positivist view:
marketing is unlike the natural sciences - true meaning of phenomena is best discovered through more qualitative approaches